Azerbaijani Bank Technique introduces new mortgage program

Photo: Azerbaijani Bank Technique introduces new mortgage program
 / Business News

Baku, Azerbaijan, Dec. 3

By Emin Aliyev - Trend:

On Dec. 3 the Azerbaijani Bank Technique and Yeni Hayat group of companies presented a mortgage program in which citizens will be able to buy property in a newly built Park Azure residential complex.

During the program's presentation the head of Customer Services Department of the Bank Technique, Kamran Akhundov said that this mortgage product is aimed at the middle class.

"The mortgage credit will be given for a period of ten years, at the rate of eight per cent per annum, which is a very good indicator. Initial payment on the loan is 20 per cent of the cost of purchased housing," Akhundov said.

In addition, the bank's customers will be provided with a simplified scheme of credit registration, which does not take more than 45-60 minutes, Akhundov added.

The residential complex will offer some 585 apartments of various sizes, according to the chairman of Yeni Hayat group of companies, Elnur Askarli.

"The total area of the housing estate is ​​about 10,000 square meters. Construction works will be completed in late 2014 and the residential complex will be fully commissioned in approximately September 2015. The residential complex will also have parking for more than 2,000 cars, a hypermarket, a kindergarten, a cinema and fitness center," Askarli said.

According to him, the cost of one square meter of housing in the complex varies depending on the apartment's location.

"The price for each square meter will start from 1350 manats. Monthly service fee for the services of administration complex will be 0.5 manats per square meter," Askarli said.

During the presentation the availability of premium housing for the middle class was underscored. It was also noted that in order to obtain a mortgage a monthly family income of about 2,000 manats is needed.

The official exchange rate of Dec. 3 is 0.7844 AZN/USD.

Follow us on Twitter @TRENDNewsAgency